Pacific Life Insurance Company has issued a new variable annuity product that will only be sold through Charles Schwab. This new product is expanding the already present relationship between the two companies, who already offer a single-premium immediate fixed annuity, the Pacific Income Provider. Their newest venture is simply called the Schwab Retirement Income Variable Annuity. Through a Business Wire press release, Pacific Life says that this variable annuity is focused on offering the benefits that are important to Charles Schwab’s clients.
There are no surrender charges for this variable annuity and investors can add a guaranteed lifetime withdrawal benefit (GLWB) as an optional rider. You also have three different choices when it comes to picking your personal portfolio from Charles Schwab. They are all diversified and and mostly made up of exchange traded funds (ETFs). Pacific Life’s VP of Marketing for the Retirement Services Division highlights the security and ability to give investors a retirement without worry about finances as two of the key features.
The two companies have a strong history of offering clients the retirement income solutions they desire. Charles Schwab’s VP of Insurance Services says that the company feels great about offering their clients guaranteed income that will last throughout their retirement. The Schwab Retirement Income Variable Annuity is not only low cost, but also easy for clients to understand, two things that don’t always go hand in hand with variable annuities. Add that to the flexibility, diversification, and guarantees of the product and these companies are excited about what they have to offer clients.
Written by Rachel Summit